Does Bitcoin's Value affects fees?

[drwhobox]

Hello,

Based on what im seeing on the problem regarding the 'Bitcoin transactions fees'
here are some of the problems
1-Low capacity for the blocks in the blockchain
2-high price = higher value for the recommended fee
3-some are flooding the system ( go back to 1


I personally think that Bitcoin for now is not really recomended for small transactions.

I do need answers thank you guys in advance.

[xskl0]

Bitcoin failed as a currency and can't be a store of value.
Bitcoin Cash is Bitcoin. Fees under 1cent, fast reliable and P2P.  Just how was descrived on the whitepaper.

[devarajdp]

Who Really Affect Bitcoin Exchange Rates ... control exchange prices or transactions, as they do with national currencies, they can affect it in other ways.

[GreatOrchid]

Bitcoin failed as a currency and can't be a store of value.
Bitcoin Cash is Bitcoin. Fees under 1cent, fast reliable and P2P.  Just how was descrived on the whitepaper.

Bitcoin cash = CRAP.

Once that the lightning network gets released on the main blockchain, everybody would love to start using bitcoin again, and then you will see that almost all those people are now going to be switching their asses to the main bitcoin again.

Just be patient, it will take some time, but it is going to be worth it.

$0,01 for just paying a little t-shirt or something that this would be magical.

[criptoman83]

Im waiting lightning network too, so situation with the fee should get better. Now it is better to abstain from bitcoin transactions if they are non-urgent, so that will help  to unload the network, not just save your active ).I don't believe in bitcoin cash, i rate it as  HYIP asset and nothing more. I thing that  the fees are in direct correlation with the bitcoin price. The higher BTC price is, the higher the transactions  fees.
 

[Yakamoto]

Bitcoin failed as a currency and can't be a store of value.
Bitcoin Cash is Bitcoin. Fees under 1cent, fast reliable and P2P.  Just how was descrived on the whitepaper.

Lmao look at this dude

<snip>

There's nothing that the price of Bitcoin influences when it comes to the fees for transactions, aside from the rate that users start to move their Bitcoin between various addresses and wallets on the blockchain. The fee is dictated (mostly) by users putting higher fees so their own transactions get confirmed faster, passing the ones below it as a means of getting their money to have priority over other's. The high fees stem from people using Bitcoin as a means of charging their fees as opposed to the equivalent fiat value; sure the value of Bitcoin has gone up but the fee in Bitcoin is only up something like 1.5x-2x what is was before. That translates into a lot more $ value for a minor change in the fiat value.

It mostly comes down to small block sizes and a lot of people wanting to get their own transactions through first. Nothing much more intensive than that.

[hakimovic]

Bitcoin failed as a currency and can't be a store of value.
Bitcoin Cash is Bitcoin. Fees under 1cent, fast reliable and P2P.  Just how was descrived on the whitepaper.

You think bitcoin was like this having problems of fees and delay in confirmation when the price was 1k ? Okay buddy Lets see how bitcoin cash is going to work when he reaches a fraction of what bitcoin had reached .

[audaciousbeing]

Bitcoin failed as a currency and can't be a store of value.
Bitcoin Cash is Bitcoin. Fees under 1cent, fast reliable and P2P.  Just how was descrived on the whitepaper.

I have a feeling that this ideology is what I would describe as a make believe to justify the creation of the forked coin because the same thing was said concerning ETH as the alternative for bitcoin because of fees and transaction time but when the volume on that reached a high point, what did we see? Same thing they complained bitcoin was lacking.

The only time when we can begin to say BCH is better is if it handles the same volume bitcoin is handling and the sanity you are celebrating now is still maintained.

Truth be told, bitcoin is gradually becoming unsuitable for lower transactions and that is the reality we have to live with at this time.

[andamers]

price Not have direct link into fee
fee because miners want to earn money and network is busy you must pay high fee to comforting your transaction.

this only happen if network was busy or have uncontrolled demand.

just wait

[brushtooth]

The value will probably have an influence but not in a direct way, the only influence is that price is driven up by increased demand and increase demand presumable means increased use of bitcoins which means more transfers, more transfers means higher fees to get faster confirmations.

[SamReomo]

The fees are one of the biggest concerns for the community of the Bitcoin. But they are not dependent on its value but to the users who pay higher fees to get their transactions faster than others. Some exchanges and wallets cost way higher fees than normal because they want to assure their customers of their service quality by making their transactions faster.
Bitcoin is not the best crypto for those who want to send small amount of cash but it's much better and secure for those who are sending huge amounts of cash. The small transactions should be done by another cryptos like Dogecoin. I used it to transfer my cash from one exchange to another. And, to my goodness the fees were way cheaper than that of Bitcoin's.

[boyptc]

Bitcoin Cash is Bitcoin.

What? Do you really know what you are saying? 

#2 is right, most of us before considers 0.001 BTC is not that much because of lower value of bitcoin before but now it has a worth now to spend just for the fee.

[d5000]

1-Low capacity for the blocks in the blockchain
2-high price = higher value for the recommended fee
3-some are flooding the system

The higher Bitcoin price alone has no influence in the transaction fees, measured in fiat. Fees are based on the price people are willing to pay.
But there is a likely indirect influence, in two ways:

1)  When Bitcoin's price is higher, then it's highly likely (not mandatory!) that the average transaction amount (measured in fiat, e.g. USD) is also higher, and so people could be willing to pay higher fees.

Let's assume that the average Bitcoin transaction amount is 0,5 BTC. If Bitcoin's price is at $10000 and the average transaction moves a value of about $5000, then people would accept a fee of $10, while if Bitcoin was at $10 and the average transaction amount was $5 (also 0,5 BTC) then a fee of $10 would be clearly too high.

2) A higher price indicates a higher usage (according to the Quantity Theory of Money), and so fuller blocks are more likely. This relation is also not directly proportional, as it could be the case that with higher prices also more people are "hodling", but if we observe the Bitcoin history it's empirically true.

I personally think that Bitcoin for now is not really recomended for small transactions.

That is, unfortunately, true.

Bitcoin failed as a currency and can't be a store of value.
Bitcoin Cash is Bitcoin. Fees under 1cent, fast reliable and P2P.  Just how was descrived on the whitepaper.

Yeah, it's easy if you have a similar transaction count like Dash et al  (roughly calculated, using this and this source).
Are you, at least, advancing with an ecosystem (marketplaces, merchants, payment processors)?

[drwhobox]

Hello,

Based on what im seeing on the problem regarding the 'Bitcoin transactions fees'
here are some of the problems
1-Low capacity for the blocks in the blockchain
2-high price = higher value for the recommended fee
3-some are flooding the system ( go back to 1


I personally think that Bitcoin for now is not really recomended for small transactions.

I do need answers thank you guys in advance.

I would personally bumo this thread.  Just to talk about the insane fees. Bitcoin is nearly imposible to use for Micro peer to peer payments due to it's high fees.

[teejaymuna]

Well that's a worry as small transactions now become scary because of the fees. I'm sure the system is aware o this and work is in place to address this issue. I'm sure it's one of the good news we are going to get form the Lightning Network.